Thank you for Reading.

Please purchase a subscription to continue reading.

A subscription is required to continue reading.

Thank you for reading PressofAtlanticCity.com. If you are a current subscriber you are granted an all-access pass to the website and digital newspaper replica. Please click Sign Up or Login to activate your digital access. If not, please click Sign Up to subscribe and continue to enjoy valuable local news and information, or you can come back at the end of your 30-day period for another 10 free articles.

Thank you for reading PressofAtlanticCity.com. Please click Get Started. If you are a current subscriber you are granted an all-access pass to the website and digital newspaper replica. If not, we ask that you purchase a subscription and continue to enjoy valuable local news and information, or you can come back at the end of your 30-day period for another 10 free articles.

Viewed of

Viewed of

Thank you for signing in! We hope that you continue to enjoy our free content.

Thank you for Reading.

Please purchase a subscription to continue reading.

Thank you for reading PressofAtlanticCity.com. If you are a current subscriber you are granted an all-access pass to the website and digital newspaper replica. Please click Sign Up or Login to activate your digital access. If not, please click Sign Up to subscribe and continue to enjoy valuable local news and information, or you can come back at the end of your 30-day period for another 10 free articles.

A subscription is required to continue reading.

Thank you for reading PressofAtlanticCity.com. Please click Get Started. If you are a current subscriber you are granted an all-access pass to the website and digital newspaper replica. If not, we ask that you purchase a subscription and continue to enjoy valuable local news and information, or you can come back at the end of your 30-day period for another 10 free articles.

ATLANTIC CITY — Even after turning a profit by selling off a once-bankrupt casino hotel, former Revel owner Glenn Straub stands to cash in from the opening of Ocean Resort Casino.

The Florida-based real estate developer sold the casino, a power plant and two accompanying leases to Bruce Deifik in January for a total of $229 million. Straub paid $82 million to buy the shuttered $2.4 billion Revel from a bankruptcy court in 2015 and later that year purchased the power plant for $30 million. As part of the sale to Deifik, Straub’s company, Polo North Country Club LLC, retained rights to certain parking fees generated by the casino hotel for a period just shy of a century.

Beginning in 2021, Straub will collect $1.50 for each car parked in the garage of Ocean Resort, and in 2028, the fee will increase to $4 per car, according to Ocean Resort officials’ testimony to the Casino Control Commission on June 20. Officials with the casino estimate that arrangement to cost $975,000 by the 2021 fiscal year.

Your Morning Kickstart is delivered to your inbox 7 a.m. daily. Make sure you don’t miss out on the latest in news, entertainment, weather, and sports.
SUBSCRIBE HERE

Straub is a sore subject for Deifik, a Colorado-based developer with Nevada casino investments. When Deifik was asked during the licensing hearing in June about his relationship with Straub, he testified the two had only met twice.

“More than I needed to,” Deifik quipped, before detailing how he had been writing checks for Straub’s unpaid payments in lieu of taxes, or PILOT, to the tune of $2 million per month.

During the three years that Straub owned the property, he fought with the casino commission and the Casino Reinvestment Development Authority about the steps he needed to take to reopen Revel, which he rebranded TEN.

But, as it turns out, Deifik — and Atlantic City — may be seeing more of Straub.

ATLANTIC CITY — Bruce Deifik was close to tears Thursday as he reflected on an arduous journ…

The multimillionaire’s investment in the city did not end with the sale of the casino hotel. According to tax records, Polo North owns 43 parcels in the South Inlet, including three properties on the Boardwalk and multiple plots of land on Rhode Island and Metropolitan avenues in the shadow of Ocean Resort.

Opening day of Ocean Resort Casino

Ocean Resort Casino, housed in the former Revel Casino Hotel, opened Thursday, June 28, 2018, to much fanfare, including a ribbon-cutting ceremony and celebrity appearances by actors Mark Wahlberg and Jamie Foxx.